Hyderabad: Bank manager, 3 others sentenced to 7 yrs RI in loan fraud case

MLA poaching case: Police take Nanda Kumar into custody

Hyderabad: The Additional Special Judge for CBI Cases, Hyderabad has sentenced C. Narayanaswamy, then Branch Manager, Bank of Maharashtra, Khairatabad Branch, Hyderabad to undergo seven years of Rigorous Imprisonment (RI) with a fine of Rs 1 lakh.

A few others K. Sridhar, Managing Partner of Divine Galaxy, Hyderabad, K. Ananda Rao, Managing Partner of Divine Galaxy, Hyderabad and Nanda Gopal, Proprietor of Sufi Impex Inc. Chennai, who were proven guilty were also asked to undergo seven years Rigorous Imprisonment with fine of Rs 75,000 each.

The Court has also imposed a fine of Rs 1.50 lakh on Amar Data Systems Private Ltd., Bangalore for causing loss to the bank.

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The Central Bureau of Investigation registered a case on March 3, 2002, against C. Narayanaswamy and others on the allegations that the accused entered into a conspiracy with private persons and sanctioned loans to the tune of Rs 60 lakh.

An amount of Rs 44, 51,304 was disbursed against the sanctioned amount of Rs 60 Lakh, which was not recovered as the firm was not functioning at the given address. Thus, the accused allowed the private persons to obtain illegal pecuniary advantage and loss to the bank.

After the investigation, a charge sheet was filed against the accused. The trial court found the said accused guilty and convicted them.

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